Women in business is on the rise, but it’s not a trend that has always been expected. Women have been fighting a stereotype for centuries that they should stay at home and cook, clean, and take care of the family. Women entered the workforce in search of greater equality and a better quality of life. They have been successful across a wide range industries.
This success, however, has brought with it many challenges which have made it more difficult for women to succeed in business.
Women have traditionally not done as well in the workplace as men, with many earning only three quarters of their male counterparts’ salaries. But that’s not the whole story. In the past 20 years, women have started more businesses than ever, even surpassing men. They have thrived. Women can and should have a strong presence in business.
Women in Business Today
Businesses with at least one female executive tend to be valued higher than those that only have men in the C-level. Companies with a woman executive are valued 64% higher at the first funding stage and 49% more at the last funding phase than companies without a woman. It’s not surprising that early-stage investments in companies with a female executive have increased over the last 15 years. However, there is still more room for growth.
The statistics are impressive, but there is still much work to be done. Gender equality plays a significant role in the success of business. However, according to the 2023 Global Gender Gap Report, it will be over 100 years until we close the gender pay gap.
Gender equality at work is more than just equal pay. Gender equality in the workplace is more than equal pay. It’s also about access to opportunities, resources, and the ability to advance into leadership roles. Christina Carosella is a Forbes Council contributor and wrote a blog for the financial news provider on her experiences with gender inequality and what companies could do to reduce the gap.
Nonprofits are able to close the gender divide by making equality an objective strategic, just as any other business goal. Leaders must create a culture of open communication to allow topics such as inequality to be discussed. It will be easier to detect and correct gender inequalities within the organization. The board should reflect all types of diversity, especially in terms of who the nonprofit serves. Salary offers for new employees should be based not on their previous salary but rather the current job. Since women are usually paid less than men this will help balance out any pay disparities.
Why more women in business is better
Women have a unique perspective on the world of business and management. They are able to do this because they come from a different background and have had different experiences in their lives. They also have unique skills. It leads to a variety of opinions, preferences and strategies.
Women are often viewed as nurturing or caring people. Research shows that women are also excellent at a wide range of workplace skills. To succeed in the workplace, women need to have skills and qualities such as task management, communication and empathy.
By increasing the number of women in the workplace, we can prioritize diversity and encourage both male and female cooperation. This diversity, in turn, allows for more diverse and comprehensive decision-making. Boards that include at least one woman tend to be slower to approve acquisitions compared to all-male boards. Women are more strategic and risk-averse than men. This may result in fewer and/or smaller purchases, but it allows for better informed and more cautious decisions.
The Times are changing
Women in business are on the rise. Women who want to “lean-in” to the business world, millennials seeking to determine their career paths and others with a more entrepreneurial nature are fueling this trend. Girls around the world are now more motivated than ever to share their passions, thanks to access to digital technology. Women are more likely than ever to be involved in business, thanks to increased awareness and accessibility.
Women who are exploring the business world today have access to many opportunities that didn’t exist in the past. Mentorship programs help women rise higher than ever. Women are also pulling together to create their own networking events, conferences, and meet-ups, but there is still a long way to go. Women who want to expand their businesses or start new ones face fewer funding opportunities, and they earn less overall than men, despite having the same education and title.
How Education can empower women
Women should be taken seriously, whether they are entrepreneurs or executives. Women bring a different perspective to the table, and are more strategic. It may cause them to be more cautious in their acquisitions but this also makes them more successful from a valuation perspective in the startup stage, where more calculated moves can have the greatest impact. Women in business are a growing trend, and it will take some time for them to reach workplace equality.
Women can also explore other opportunities to help them stand out, such as at networking events or at their new jobs. A master’s in business is a great way to prepare for a bigger role in the world of business.